Rekom celebrates record trading year

By Amelie Maurice-Jones

- Last updated on GMT

Success story: Rekom reveals 2022 trading results (Getty/ Flashpop)
Success story: Rekom reveals 2022 trading results (Getty/ Flashpop)

Related tags Rekom Finance Pubco + head office

Rekom, Northern Europe’s largest nightlife company, has revealed a strong trading performance in its 2022 annual results released today (30 March).

Rekom UK, the UK’s largest nightclub operator, has accounted for more than a third (38%) of total group revenue in the period at £97.8m.

The company saw total revenue reach DKK 2.2bn (£260m), and the UK’s contribution was followed by Denmark with a revenue of DKK 751m (£88.8m), Norway with a revenue of DKK 474m (£56.0m) and Finland with a revenue of DKK 146m (£17.3m).

Rekom UK’s full year revenue reached £97.8m, an uptick from £65.8m in 2021. EBITDA reached £18.4m, compared to £16.6m in 2021, and Rekom UK grew its estate from 42 to 52 venues throughout the year.

Rekom UK chairman Peter Marks said he was “delighted” by the positive results and was pleased to highlight the UK division was the group’s strongest performing division.

However, he was mindful that this year’s performance laid in part due to an initial post-lockdown surge, after which the company saw guest numbers normalise.

“Saying that,” he continued, “although we are not immune to the pressures the sector has faced and continues to face, we are confident that with a relevant and engaging business offering, we can continue to evolve and develop both our brand and estate throughout 2023.”

The introduction of Scandinavian concepts, Heidi’s Bier Bar and Proud Mary, in key locations Cardiff and Birmingham, helped drive strong growth for the company.

Rekom UK executive country director Russell Quelch added: “The big success for us this year has been the addition of Heidi’s Bier Bar and Proud Mary to the portfolio, giving us a broader guest profile, trading window and variation to our offering.”

Record year

What’s more, it was a record year for Rekom Group which hit DKK 2.2bn in 2022, despite economic uncertainty caused by Covid restrictions, rising inflation and the war in Ukraine.

With a revenue of DKK 2.2 billion in 2022, of which 66% was generated outside Denmark, Rekom doubled its revenue compared to 2021.

At the same time, the company reached an EBITDA of DKK 503m. The strong result is in line with expectations and shows that REKOM has a robust business model even at a time where the world is marked by inflation and economic uncertainty.

According to Rekom chief executive Adam Falbert, the good result was due to a huge effort by the employees and a concept that has once again shown its robustness.

He said: "When we – in the lead up to Christmas 2021 – were hit by yet another round of Covid lockdown in Denmark, Norway and Finland, it was a tough blow to both us and our guests."

Bright future

He added: “We had just got back to business in the autumn of 2021. But once again, our employees showed what they are made of. So, when we reopened last year in February and March, they were ready – and without them, we simply would not have been able to deliver at the level we did and continue to."

Adam Falbert believed the industry was entering a phase of consolidation and professionalisation where Rekom could play a significant role. He added: "We are looking into a really exciting year for Rekom. For the fourth year in a row we must show that we can move forward despite global headwinds. The good thing is that we have never been stronger when we look at our venues, our products, and our services.

"I believe our industry is entering a phase of consolidation in Europe, where the nightlife platform we have built and the experience we have gained – not least from the integration of the acquisition in the UK, which has exceeded all expectations – will make us one of the key players that others will look towards."

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